Stock Forecasting and Management Workshop

The programme

Programme overview

Equip yourself to generate more accurate forecasts, set appropriate inventory levels, and monitor and improve forecasting and inventory management over time with this workshop. Explore the impact of inflated inventory levels, diagnose process constraints, and leverage techniques to improve inventory performance.

Who should attend

Who is this programme for?

This workshop is for managers and directors who are involved in supply chain processes, particularly those working in demand management (forecasting and inventory management).

Learning outcomes

What you will learn

• State the objectives of stock management and list their impact on cost and customer service
• Prepare proper classification of stock and use best practices for item specification and cataloguing
• Use scientific forecasting techniques to predict demand and better manage lead times
• Differentiate and categorise stock cost elements
• Compute the optimum ordering quantity and determine safety stocks and reorder points
• Evaluate software options that support forecasting and inventory management, including AI-assisted demand forecasting

Explore the programme

Detailed programme outline

2-Day Essentials — Training Outline

• Supply chain management scope, functions, and objectives
• Objectives of inventory planning and stock control; reasons to hold inventory
• Push vs. pull inventory systems, and customer service in inventory management
• Description and classification of inventory; types of inventories
• The ABC classification ranking model and its uses
• The relationship between forecasting and inventory; dependent vs. independent demand
• Factors affecting demand and forecast accuracy; demand patterns
• Time series forecasting methods: moving average, exponential smoothing, and seasonal demand
• Measuring forecast accuracy
• Cost of item, purchasing cost, carrying/holding cost, and stock-out cost
• Setting lead time and methods to control it
• The Economic Order Quantity (EOQ) model, and dealing with quantity discounts
• Determining inventory levels to ensure in-stock availability while minimising obsolescence
• Objectives of safety stocks, and setting safety stocks and reorder points
• Evaluating software used to enable forecasting and inventory management, including AI-assisted demand forecasting
• Deciding whether the 3-Day Comprehensive programme is the right next step

3-Day Comprehensive — Training Outline

• Introduction to stock management
• Supply chain management scope
• Functions and objectives of supply chain management
• Objectives of inventory planning and stock control
• Reasons to hold inventory
• Inventory information system considerations
• Inventory push versus pull systems
• Identifying inventory costs
• Customer service in inventory management
• Importance of inventory management
• Description and classification of inventory
• Types of inventories
• The relationship between forecasting and inventory
• The inventory ABC classification ranking model, and its uses
• Forecasting demand and lead time; the inventory order cycle
• Dependent versus independent demand
• Factors affecting demand, and factors impacting forecast accuracy
• Demand patterns
• Time series forecasting methods: seasonal demand, moving average, and exponential smoothing
• Measuring the accuracy of the forecast
• Inventory costs and inventory cost elements
• Inventory systems and the Economic Order Quantity (EOQ) model
• Dealing with quantity discounts
• Objectives of safety stocks, and setting safety stocks

Learning approach

How you will learn

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.– Course Material: Access well-crafted supporting resources.– Group Work: Collaborate on discussions and case studies for practical insights.– Workshops & Role-Play: Participate in immersive, scenario-based activities.– Practical Application: Focus on applying theoretical knowledge in real situations.– Post-Training Support: Receive extensive support after training for skill implementation.

Discuss your requirements

Dates, duration & arrangements

Contact Ratomac to confirm dates, duration, delivery format, entry requirements and any applicable assessment or certification before booking.